Claims Procedure

On October 24, 2023, the Court issued an order (the “Claims Procedure Order”), among other things, establishing a claims procedure (the “Claims Procedure”), for the identification, quantification and resolution of claims of certain creditors of SVB Canada and its current and former directors and officers.

A copy of the Claims Procedure Order is available at the bottom of this page.  Parties are strongly encouraged to review the proposed Claims Procedure Order in full to understand the impact on potential Claims and any actions required.  Unless otherwise defined, all capitalized terms used on this page shall have the meanings ascribed to them in the Claims Procedure Order.

PROCEDURE FOR PROVING CLAIMS (OTHER THAN EMPLOYEE CLAIMS)

In accordance with the Claims Procedure Order, Potential Claimants will be receiving Claims Packages, including an Instruction Letter, a blank form of Proof of Claim and a Notice of Dispute of Revision or Disallowance. A blank copy of the Claims Package is available at the bottom of this page.

All persons wishing to assert a Claim against SVB Canada or its directors or officers MUST file a Proof of Claim with the Liquidator.

Employees of SVB Canada will be receiving a separate Common Law Employee Claims Package or Statutory/Contractual Employee Claims Package, as applicable. Only Employees who wish to file a separate and distinct Claim that is not a Common Law Employee Claim or Statutory/Contractual Employee Claim must complete a Proof of Claim.

Proofs of Claim in respect of Prefiling Claims must be completed and filed with the Liquidator on or before 5:00 p.m. (prevailing Eastern Time) on December 8, 2023 (the “Claims Bar Date”).

Proofs of Claim in respect of Restructuring Period Claims must be completed and filed with the Liquidator on or before the later of (i) the Claims Bar Date and (ii) 5:00 p.m. (prevailing Eastern Time) on the date that is thirty (30) Calendar Days after the date on which the Liquidator sends a Claims Package with respect to a Restructuring Period Claim (the “Restructuring Period Claims Bar Date”).

PROOFS OF CLAIM MUST ACTUALLY BE RECEIVED BY THE LIQUIDATOR BY THE CLAIMS BAR DATE OR RESTRUCTURING PERIOD CLAIMS BAR DATE, AS APPLICABLE, OR THE CLAIM WILL BE FOREVER BARRED AND EXTINGUISHED. 

Please review the Claims Procedure Order for the complete definitions of “Claim”, “Prefiling Claim” and “Restructuring Period Claim” to which the Claims Procedure applies.

PROCEDURE FOR PROVING EMPLOYEE CLAIMS

Common Law Employee Claimants will be receiving Common Law Employee Claims Packages, including a copy of a Notice of Common Law Employee Claim Information and a Notice of Dispute of Common Law Employee Claim Information. A blank copy of the Common Law Employee Claims Package is available at the bottom of this page.

If you believe your Common Law Employee Claim Information as sent to you by the Liquidator is not accurate, you must file a Notice of Dispute of Common Law Employee Claim Information with the Liquidator within 30 days of receiving your Common Law Employee Claim Information (the “Common Law Employee Claim Information Bar Date”).

If you do not return a completed Notice of Dispute of Common Law Employee Claim Information by the Common Law Employee Claim Information Bar Date, you shall be deemed to have accepted the Common Law Employee Claim Information as set out in this Notice of Common Law Employee Claim Information for the purpose of determining the classification, amount and/or nature of your Common Law Employee Claim, and you will be forever barred from disputing the Common Law Employee Claim Information as set out in this Notice of Common Law Employee Claim Information.

Statutory/Contractual Employee Claimants will be receiving Statutory/Contractual Employee Claims Packages, including a copy of a Statement of Statutory/Contractual Employee Claim and a Notice of Dispute of Statutory/Contractual Employee Claim. A blank copy of the Statutory/Contractual Employee Claims Package is available at the bottom of this page.

If you believe your Statutory/Contractual Employee Claim, as sent to you by the Liquidator, is not accurate, you must file a Notice of Dispute of Statutory/Contractual Employee Claim with the Liquidator within 30 days of receiving this notice (the “Statutory/Contractual Employee Claim Bar Date”).

If you do not return a completed Notice of Dispute of Statutory/Contractual Employee Claim by the Statutory/Contractual Employee Claim Bar Date, you shall be deemed to have accepted the classification, amount and/or nature of the Statutory/Contractual Employee Claim for distribution as set out in this Notice of Statutory/Contractual Employee Claim, and you will be forever barred from disputing the Statutory/Contractual Employee Claim as set out in this Notice of Statutory/Contractual Employee Claim.

Please review the Claims Procedure Order for the complete definitions of “Claim”, “Common Law Employee Claim Information” and “Statutory/Contractual Employee Claim” to which the Claims Procedure applies.

EMPLOYEE REPRESENTATIVE COUNSEL

As part of the Claims Procedure Order, the Court appointed Ursel Phillips Fellows Hopkinson LLP (the “Employee Representative Counsel”) to represent the interests of all Employees in the WURA Proceeding with respect to any employment law issues affecting the Employees in the WURA Proceedings related to any Common Law Employee Claims or Statutory/Contractual Employee Claims.

Employees wishing to opt out of being represented by the Employee Representative Counsel shall, within ten (10) Business Days following the granting of the Claims Procedure Order notify the Liquidator by delivering to the Liquidator an Opt-Out Notice.

A copy of the notice of the appointment of the Employee Representative Counsel (the “Appointment Notice”) and the Opt-Out Notice are available at the bottom of this page.

For any inquiries on the Claims Procedure or to obtain any documentation relating to the Claims Procedure, please contact the Liquidator at:

PricewaterhouseCoopers Inc., LIT,
in its capacity as Liquidator,
of the business in Canada of Silicon Valley Bank

PwC Tower
18 York Street
Suite 2600
Toronto, Ontario M5J 0B2

Phone: (416) 687-9041
E-mail: ca_svbcanada@pwc.com

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

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